CFPB Adopts Rule To Smooth Libor's End In Consumer Loans

By Jon Hill (December 7, 2021, 9:38 PM EST) -- The Consumer Financial Protection Bureau took another step Tuesday in the move away from Libor as a financial industry benchmark rate, releasing a final rule that aims to assist with the switch to alternative benchmarks for adjustable-rate mortgages, credit cards and other types of consumer credit.

The rule modifies the CFPB's truth-in-lending regulations to clarify standards for creditors when replacing the London Interbank Offered Rate as a pricing benchmark in their existing loan products. The index, which is referenced by an estimated $1.4 trillion in consumer loans, is set to be phased out by mid-2023 after years of manipulation and reliability...

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